The richest Chinese business tycoon is facing a serious problem because his only son refused to inherit his $122 billion business empire.
On a public conference, Dalian Wanda Group founder and chairman Wang Jianlin (62) announced that his son, Wang Sicong (28) refused to inherit their huge business corporation which is composed of shopping centers, hotels, sports clubs and theme parks.
A Chinese transcript of the details was posted on the Wanda group website and was translated by South China Morning Post into English.
According to the translation, Wang revealed that his son does not want to live a life that his father had. He then said that he decided to hand their business over to professional managers and experts to watch them run the company, as he believes that his son wanted to venture into a life of his own. In connection to this, the business group already started to look for another person to replace his son. He said later on that they will pick the best among the candidates.
Meanwhile, Wang Sicong is the current director of his father's business company. In 2009, Sicong founded Prometheus Capital, a venture capital firm specializing in start-up and growth capital investments. In 2011, he founded professional gaming (e-Sports) team Invictus Gaming. He also went to the University College London to study philosophy.
Last year, Sicong made headlines when he posted a photo of his husky wearing two Apple Watches, which went viral on Weibo, a popular social media network in China.
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